Over 1 Billion consumers globally are using traditional offline ROSCAS in transactions that represent over $500 billion a year.
Our Savings Clubs: A modern twist on a timeless concept
Our Saving Clubs represent a modern interpretation of time-honoured traditional saving methods, seamlessly blending the communal spirit of ROSCAs with the security and efficiency of digital technology.
Our Saving Clubs transcend the structures of traditional ROSCAs, which rely on social networks where members know and trust each other. Our platform leverages cutting-edge behavioural finance techniques, enabling us to scale up and reach wider, more heterogeneous social networks.
More than Just Savings: A path to financial empowerment
What sets our Saving Clubs apart is their use case, which is primary financial. Whereas traditional ROSCAs are often used to fund emergencies, weddings, or other personal events, our Saving Clubs are uniquely structured as a stepping stone towards investment and cost-effective remittances.
The primary goal is financial empowerment: Especially designed for ordinary members of the diaspora who might not have large sums of disposable income set aside, the Saving Clubs provide our members with a practical and collaborative way to build capital. This capital is intended solely for use on our forthcoming investment portal.
Who can join?
Our Saving Clubs are only available to registered investors who qualify. To qualify, you must complete the onboarding process, which includes a short quiz to check you understand how Saving Clubs work.
Join Us on Our Journey: The beta phase
As we are currently in the beta phase of our platform, the full suite of investment options is still under development and will be rolled out in the near future. We encourage our members to participate in our Saving Clubs now, with the understanding that the funds accumulated can be a powerful catalyst for future investments. For members who receive the draws early, we offer an escrow service. This ensures that your funds are safely and independently held until the investment platform is launched. It also provides security against defaults, safeguarding the interests of all club members.
We believe in transparency and managing expectations fairly. The investment platform, once live, will open new avenues for your financial growth. Until then, your participation in our Saving Clubs not only prepares you for future investment opportunities but also contributes to a community-centric financial ecosystem.
"Saving Clubs: Your Gateway to Investing in Trusted Term Deposits"
Saving Clubs offer an innovative approach to accumulate capital, including, among other things, for investing in Term Deposits from well-known and trusted banks in your native country. By pooling resources in a Saving Club, members can raise substantial capital. This capital is then used to acquire Term Deposits, allowing each member to benefit from reliable investment options provided by leading banks - familiar names that you know and trust.
How it Works
Set your investment target
- Set Your Target: Decide on the total amount you aim to raise for investment. This will be your goal in joining a Saving Club.
- Research Term Deposits: Explore our range of deposit products to find the one that suits you best.
- Plan Your Monthly Savings: Calculate how much you need to save monthly in your Saving Club to reach your target. For instance, to raise £2,000 for a Term Deposit, you might opt to save £500 per month over four months.
Start Saving
- Every member contributes the same amount monthly - say £500 - into the Saving Club. These collective contributions build towards each member's investment goal.
Receive Your Investment
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Acquire Your Term Deposit: Every month, one member receives a certificate for the investment of his/her choice in the amount of the monthly pot (e.g., £2,000).
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Your Turn to Invest: At anytime during the the four month cycle, you will have received your certifcate for your chosen investment.
End of Cycle Choices
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By the end of the four-month cycle, everyone is invested in a £2,000 certificate of deposit. At the end of the cycle, the Club disbands and you can either:
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Use Your Funds: Spend or use your £2,000 (plus any interest earned) however you see fit.
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Reinvest in a New Club: Join another Saving Club to continue growing your savings through the power of compound interest.
Invest in Bonds: Consider moving your funds to a bond offered on our Investment
